- BNB retraced towards $700 amid increased profit-taking.
- Will weak sentiment and muted whale interest push it lower?
Binance [BNB] has cooled off after soaring nearly above $800 in December.
At press time, the altcoin had dropped towards $700, indicating increased profit-taking after hitting an all-time high of $793.
But can the altcoin defend $700 ahead of this week’s Fed rate decision?
BNB price prediction: Will $700 hold?
Source: BNB/USDT, TradingView
Since November, BNB’s price action chalked an ascending channel. The past two price consolidations near the 4-hour 50EMA (exponential moving average, yellow), slid lower to the channel’s range-low.
In the past few days, BNB’s price has fluctuated above the moving average and mid-range.
A drop below $700 could be likely if the moving average cracked as support. Additionally, demand has slowed, as shown by lukewarm reading on the RSI.
At press time, the price momentum also weakened as illustrated by the retreating ADX (Average Directional Index) which suggested that BNB could slide to $700 or below.
